The latest forecasts from Fastmarkets' team of analysts are ready to view.Chinese domestic and export flat steel prices surged in November 2020, with the export hot-rolled coil index rising to $592 per tonne during the month from $519 per tonne previously, and the monthly average increasing by 7.5% over October.Economic activity in China continued to expand, with manufacturing output rising by 7.5...Read More
The base metals complex on the London Metal Exchange showed mixed fortunes at the 5pm close on Tuesday December 8, with zinc, lead and nickel holding on to gains while aluminium fell below the $2,000 per tonne psychological mark.Lead showed the biggest increase of the day, rising by 0.98% to $2,099.50 per tonne by the close from Monday's price of $2,076 per tonne.Sister metal zinc also showed a sm...Read More
Monthly Chinese custom data compiled by Fastmarkets showed lithium carbonate imports in China for October were at their highest level in at least seven years.The spike in Chinese imports of lithium carbonate reflected the uptrend in the country's spot market as well as stock building by key suppliers in the country in preparation for a price recovery and increased demand, Fastmarkets understands....Read More
Peruvian mine output went up on an annual basis of comparison in October, with copper, zinc and tin recovering to pre-pandemic levels and production units aiming for higher capacity usage, data from the country's ministry of energy and mines, Minem, showed on Monday December 7.The country produced 207,034 tonnes of copper during October, a 1.4% year-on-year increase from 204,139 tonnes. But in the...Read More
Hindalco plans to build a 34,000-tonne-per-year aluminium extrusion plant in Silvassa, India, it said on Monday December 7. The company, which expects commercial production at the plant to start in 24 months, said the new plant will be part of the company's long-term downstream value-added product (VAP) strategy. Hindalco plans to build a larger VAP portfolio over the next few years. "We are seein...Read More
Glencore chairman Tony Hayward was not understating matters when he described the company's succession transition as coming "at a time of huge change." Glencore's share price has risen 3% since its announcement on Friday December 4 that 18-year chief executive officer Ivan Glasenberg would be retiring from his role next year and coal assets head Gary Nagle would stepping up to the plate. The...Read More
Three-month prices on the London Metal Exchange were broadly unchanged from Monday's prices and remained around their peaks on Tuesday December 8 morning.Nickel was back to high ground after dipping slightly on Monday, with its three-month price at $16,415 per tonne at 9:05am - rising to $16,440 per tonne shortly after - up 0.25% from Monday's 5pm close. Nickel declined slightly also, do...Read More
Aluminium Bahrain (Alba) has signed a Memorandum of Understanding (MoU) with China-based alumina producer Hangzhou Jinjiang Group (HJJ) in hope of securing an alumina supply. The MoU serves as a framework to form a strategic potential collaboration between both entities to secure Alba's alumina requirements. The agreement will remain in effect for three years and can be extended upon mutual agreem...Read More
Chinese exports of unwrought aluminium and aluminium products rose slightly in November from the month prior but still declined on a year-on-year basis, customs data released on Monday December 7 shows.China exported 424,000 tonnes of unwrought aluminium and...Read More
European distributors of flat steel products have reported a 3.3% year-on-year rise in shipment volumes during October 2020, regional steel industry association Eurometal said on Tuesday December 8.Over the first 10 months of 2020, however, flat steel distributors' shipments dropped by 14.0% year-on-year.Eurometal did not disclose individual product volumes.Fastmarkets calculated its daily steel h...Read More
The export price for steel slab from the Commonwealth of Independent States (CIS) surged during the week to Monday December 7 on new sales and a strong hot-rolled coil market, sources said.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $570-580 per tonne on December 7, up by $45 per tonnefrom $525-535 per tonne a week earlier.CIS suppliers increased s...Read More
The price of steel billet from the Commonwealth of Independent States (CIS) exported via the Black Sea increased sharply this week on a deal heard to Peru, with offers rising amid a shortage of supply, Fastmarkets heard on Tuesday December 8.The booking to Peru was heard at $520 per tonne fob Black Sea and was understood to have been concluded on December 7 for a volume of 10,000 tonnes, although...Read More
Steel billet and rebar prices in the United Arab Emirates increased this week while demand was strong, sources said on Tuesday December 8.Domestic rebarThe country's steel producers were offering rebar at 1,985 dirhams ($540) per tonne ex-works for orders to be produced in December before closing their order books and should announce new prices soon, sources said.Market participants in the UA...Read More
Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia have gone up over the past week because of globally strong demand, sources said on December 8.The UAE was on national holidays on December 1-3, so buyers had only recently returned to the market.But demand within the country was moderate because recent price increases had been too sharp for buyers to accept, and they wante...Read More
The export market for long steel products from the Commonwealth of Independent States (CIS) went up again during the week to Monday December 7 amid strong billet prices and higher offers, sources told Fastmarkets.Thus, Fastmarkets' weekly price assessment for steel wire rod (mesh quality), export, fob Black Sea, CIS was $600-620 per tonne on Monday, up by $20 per tonne from $580-600 per...Read More
The Turkish steel producers largely slowed down their deep-sea booking activity after the latest spike in the prices, sources said on Tuesday December 8.A steel mill in the Marmara region was heard booking a Baltic Sea cargo at $370 per tonne cfr for 14,000 tonnes of HMS 1&2 (80:20).But the supplier was not a traditional one and several market participants believed that the cargo would not be repr...Read More
There is no short-term fix for the container shortage that has sent freight cost to record highs, nor is there a need for regulatory authorities to put a lid on freight rates, Lars Jensen, chief executive officer of SeaIntelligence Consulting, said in an interview with Fastmarkets. "We are now seeing the consequences of carrier cancellations several months ago that led to a shortage of empty conta...Read More
Iron ore prices increased on Tuesday December 8 on support from bullish swaps prices, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $148.35 per tonne, up $1.42 per tonne62% Fe low-alumina fines, cfr Qingdao: $148.17 per tonne, up $1.17 per tonne58% Fe fines high-grade premium, cfr Qingdao: $135.01 per tonne, up $0.90 per tonne65% Fe Brazil-origin fines, cfr Qing...Read More
Seaborne coking coal prices across the board were flat day on day on Tuesday December 8 due to a lack of transactions, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $103.08 per tonne, up $0.01 per tonnePremium hard coking coal, cfr Jingtang: $169.52 per tonne, unchangedHard coking coal, fob DBCT: $92.68 per tonne, unchangedHard coking coal, cfr Jingtang: $154.11 per tonne, un...Read More
The base metals remain upbeat this morning, Tuesday December 8, and the underlying story remains the same, infrastructure spending, economic recovery, a mass of liquidity and the potential for more US stimulus.Although there are some potential headwinds - political tensions between the United States and China, a no-deal Brexit and a correction in equity prices as harder lockdowns are forced on pop...Read More